Business
Georox Acquires Additional Alberta Producing Lands
Georox Acquires Additional Alberta Producing Lands
About this update from Prospera Energy Inc.
[{"type":"text","content":"\n\n\n\n May 3, 2010 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n Georox Resources Inc. ("Georox" or the "Company") (GXR:TSX-V; OF6A:FRA) is pleased to announce that it has completed an acquisition of oil and gas interests located in the Hays Area, SE Alberta (the "Assets") from an arms-length company. Georox paid $605,000 for the Assets.\nThe Assets include a 4.2% working interest in 2 3/4 sections of land and 3 Nisku producing light oil wells in the Hays Arcs T, Y Pool as well as a 30% working interest in one other Nisku light oil well in the area. The wells are currently producing 120 barrels/day of light oil and 40 Mcf/d of solution natural gas (10.8 boepd net to the Company). The Assets are operated by industry third parties. The company believes there is potential to drill up to three additional development wells on the acquired lands plus additional potential in other formations within the current well bores.\nThe Company also announces a delay in the drilling of wells in the Farmout Lands (as per the company's news release dated /September 28, 2009) located in the Province of Saskatchewan by its joint venture partners. The reason for the delay is due to ongoing negotiations for the pooling of lands with an adjacent producer to form a larger area of common interest by the joint venture partners. Shareholders will be informed of the spudding date accordingly.\n\nCAUTIONARY STATEMENT\n\nNeither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.\n\nNo stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein.\n\nBOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.\n\nFORWARD-LOOKING STATEMENTS\n\nThis news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such ...